The interesting part though is how the established companies limited the number of licenses that could be issued. That kind of regulatory capture is why "more r

The interesting part though is how the established companies limited the number of licenses that could be issued. That kind of regulatory capture is why "more regulation" vs "less regulation" is an overly simplistic lens through which to view situations. The nature of the regulation can be very important in protecting incumbents, although there is probably a certain quantity of regulation where the inherent complexity of compliance becomes a similar barrier.